All Forum Posts by: Kristina Anderson

@Katie Bustos we own 2 true 3Br 1ba in this area and I would agree you should check your rental comps. This one looks beautiful! But I think your projections on rents are high. You maybe able to get 1500 but it could sit a couple of months too. You didn’t mention if you’re financing. All cash would mean good returns but financing would eat that up. I do agree though that the appreciation potential is good. Although you’d have to hold a few years at least.

We just closed on a loan with them this week. A refi. We achieved our goals in the closing but the journey was not smooth. Underwriting was quite slow and not very detail oriented and they do this weird thing where they take over insurance - and insist it be put in their name - before closing. So if your closing is delayed, nobody is paying insurance! They don't except EOI like other banks would do. Lots of challenges but we got to the end. 

@Randy Horner Curious if you ended up using Civic for your loan? We've just closed on a refi with them this week. The experience was not as smooth as promised - a traditional bank may have been just as efficient, actually. 60 days to close.

I just closed on a loan with Civic. The experience was not as smooth as promised. Happy to provide detail over DM.

@Joe Splitrock Yes, we have local PM to manage the property. We almost always purchase properties with tenants in place - and our strategy is always to keep our tenants versus evict and turn units - and yes sometimes we get a bad egg. In this case, seller will be paying market rent after the 30 days on a mtm lease. We'll be getting a security deposit. We've had to evict before, can do again - it's the PM's headache after all. :) I started this post less to understand how to protect ourselves and more to ask whether this 30 day "keep possession" rent-free was standard in Columbus (which is what our agent suggested). It still seems a bit weird to me and I'm glad to confirm it with you all!

All good points, thanks everyone. I was pressure testing what I'd heard. We definitely have the seller going on lease as part of closing package, and there will be a security deposit payable at that time, as well. Because we aren't moving into this space, we will consider the seller another tenant at that time and obligated to all the rules and policies stated in the lease. 

@Joe Splitrock - the escrow would be equivalent to a security deposit, correct? In this market, it is possible we could have lost the deal if we hadn't given the 30days "Free" but yes - the lease starts after that and we're charging market rates. At that point, I'm happy to have them stay as long as they want :-)

Agree with both responses; we are told by our agent in Columbus area this would be pretty standard. In our market (NYC) it would be a flat out no and in others it would be "pay rent if you want to"... 

Hi All! We are OOS investors in the Columbus market and about to close on our 20th unit. We wondered if it's standard practice in purchase contracts of SFH to allow a seller to stay up to 30 days in their home before buyer can take possession? And, without paying any sort of rent? Asking for a friend :-)

I’m surprised at the anger directed at the OP. This is not the case of another, better offer coming in after a verbal agreement. This is the agent using the verbal offer from the OP to determine a listing price. We can expect there will be multiple offers now. Why not, during negotiations, simply say “I’m sorry; I can get more. This deal will cost you X.”?? Instead an offer is accepted but not in good faith.

We’ve had this happen to us. Told we just needed to submit the purchase contract and seller would sign - only to see the property go into contract a day later to someone else at a slightly higher price. As an owner, I would always want the highest price of course. I don’t believe though that this is the best way to do business.